December 10th, 202112/10/2021 Enroll in a Medicare Advantage Plan Dec 8 - Nov 30 with the Five Star SEP!
Once the Annual Enrollment Period (Oct 15 - Dec 7) has passed, what options do you have for Medicare Advantage enrollment the rest of the year?
In many cases, you are locked into your chosen Medicare Advantage plan for the calendar year, but there are exceptions. Options vary depending on what plans are available in your zip code and your circumstances throughout the year. Different events in your life can trigger a Special Enrollment Period or SEP. In this video, we’re going to look at a Special Enrollment Period option that doesn’t require any change in your life to qualify for: the Five Star Special Enrollment Period. Confused about your Medicare coverage options? Watch our free video: How to Find the Best Medicare Coverage Without Paying More Than You Need To...
What is the Five Star Special Enrollment Period?
Medicare uses information from member satisfaction surveys, plans, and health care providers to give overall performance star ratings to Medicare Advantage and Part D plans. A plan can get a rating between 1 and 5 stars. A 5-star rating is considered excellent. Medicare updates these ratings each fall for the following year. Plan ratings can and do change every year. All plans work toward earning a five star rating. Not only does a five star rating help inspire consumer confidence in a plan, it also gives the plan extra Special Enrollment Period rights to enroll new members. The Five Star Special Enrollment Period runs from December 8 through November 30. You are allowed to make one plan change during that time to enroll in a Five Star Medicare Advantage or standalone Part D Plan. Medicare Advantage plans overall have improved significantly in the past few years. That’s reflected in the star ratings. For 2021, only 21 plans had a 5 star rating. For 2022, the number of 5 star plans has gone up to 73. These plans are not evenly distributed across the country. There are some counties where there are over a dozen 5 star Medicare Advantage plans in 2022. Then, there are also some counties with no 5 star plan options. If you don’t have a 5 star plan in your zip code, you are not able to use the 5 star Special Enrollment Period. If you do have one or more 5 star plans in your county, you are able to use this Special Enrollment Period between December 8 and November 30. How can you use this Special Enrollment Period? You are eligible to use this SEP if you are already in a Medicare Advantage plan (either MA only or MAPD with drug coverage) or if you have coverage from Original Medicare and meet the Medicare Advantage eligibility requirements, which include being enrolled in both Medicare Parts A and B and living in the plan’s service area. If you choose to use the 5 star SEP, coverage will start the first day of the month after you apply. This option can only be used once between December 8 and November 30, so just like during other enrollment periods, look at the plan carefully to make sure it’s a good fit for you before enrolling. A five star plan that doesn’t have your doctors and hospitals in its network might not be something you want for your coverage, for example. Once the 5 star SEP is used, you are locked into that plan, unless your situation gives you some other Special Enrollment Period, until the next Annual Enrollment Period from October 15 through December 7. Part D Coverage Note Please note, if you move from a Medicare Advantage Plan that has drug coverage to a 5‑star Medicare Advantage Plan that doesn’t, you’ll have to wait until your next enrollment opportunity to get drug coverage, and you may have to pay a Part D late enrollment penalty. If you’d like to see if there are any 5 star Medicare Advantage plans in your county, please feel free to give our office a call at 877-312-1414 or schedule a free, no obligation Medicare Plan Consultation. We’re here to help you navigate the confusing world of Medicare to find the best coverage possible for you! Leave a Reply. |
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